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Despite Sales Gain, L3’s Fourth Quarter Earnings Fall On Higher Taxes, Charge

Cal Biesecker By
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Despite Sales Gain, L3’s Fourth Quarter Earnings Fall On Higher Taxes, Charge
Christopher Kubasik, L3 Technologies Chairman, President and CEO. Photo: L3 Technologies

L3 Technologies [LLL] on Tuesday reported strong fourth quarter sales but earnings fell due to higher taxes and charges related to its traveling wave tube (TWT) business, and expenses related to its pending merger with Harris Corp. [HRS]. The charge at the TWT business cut $45 million from operating profit, which helped keep the company’s segment operating margin for the year flat at 10.8 percent versus 2017. L3 executives said on the company’s earnings call that they are fixing the…

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